July 22, 2016

Accountant Nicholas Bottini will pay a $25,000 penalty and has been permanently suspended from appearing and practicing before the SEC, after conducting a faulty audit of the financial statements of ContinuityX Solutions, Inc., a publicly-traded company that claimed to sell internet services to businesses and whose executives have since been charged by the SEC for allegedly engineering a scheme to grossly overstate the company’s revenue through fraudulent sales.  New York-based accounting firm EFP Rotenberg LLP, where Bottini was a partner at the time, will also pay a $100,000 penalty to settle the SEC’s charges and is prohibited from accepting new public company clients for one year.  SEC

Tagged in: Accounting Fraud, Securities Fraud,